{"id":1004598904,"date":"2022-08-22T03:48:47","date_gmt":"2022-08-22T11:48:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004598904"},"modified":"2022-12-09T02:51:20","modified_gmt":"2022-12-09T10:51:20","slug":"work-underway-at-nyc-life-science-conversion-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/","title":{"rendered":"Work Begins on Life Science Conversion in NYC"},"content":{"rendered":"<div id=\"attachment_1004598902\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004598902\" data-attachment-id=\"1004598902\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/image-12\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg\" data-orig-size=\"800,619\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"HLS\" data-image-description=\"&lt;p&gt;43-10 23rd St.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;43-10 23rd St. Image courtesy of Suffolk Construction. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg?w=800\" class=\"size-medium wp-image-1004598902\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg?w=300\" alt=\"\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg?resize=768,594 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004598902\" class=\"wp-caption-text\">43-10 23rd St. Image courtesy of Suffolk Construction<\/p><\/div>\n<p>The repurposing of a 218,000-square-foot office building in Long Island City, N.Y., into a <a href=\"https:\/\/www.commercialsearch.com\/news\/is-a-life-science-real-estate-bubble-forming\/\">life science<\/a> facility dubbed Hatch Life Sciences is underway. <strong>Suffolk Construction<\/strong> is in charge of the property&#8217;s gut renovation and redevelopment. Completion is expected in the second quarter of 2023, according to <em>The LIC Post<\/em>.<\/p>\n<p><strong>Longfellow Real Estate Partners<\/strong>, together with <strong>Sculptor Real Estate<\/strong>, purchased a majority stake in the property in 2021 for $92.5 million, according to CommercialEdge data, with plans to invest an additional $120 million into the building&#8217;s conversion to lab use. A $155 million loan from Square Mile Capital Management financed the transaction.<\/p>\n<p>The project\u2019s debut comes amid the rejuvenation of New York City\u2019s life science sector. The city has received the $1 billion LifeSci NYC investment that translated into more than 1 million square feet of space under construction in the first quarter of 2022, according to a Colliers report.<\/p>\n<p>\u201cNew York City has the highest level of life sciences educational attainment\u2014with nearly 2.5 million residents holding degrees in science, engineering and engineering-related fields. But the city is being held by from fully realizing its potential as a major player in the life science industry by a lack of available space that can accommodate companies at every stage of their existence\u2014from start-up to manufacturing. This project will help bridge that gap and ensure the city is maximizing its considerable investment into the life science sector,\u201d a spokesperson from Suffolk told <em>Commercial Property Executive<\/em>.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/a-good-investment-2-2\">Why the Life Sciences Boom Is Not Likely to Bust<\/a><\/p>\n<hr>\n<p>Initially constructed as an industrial building in 1924 and used as office space, the future home of Hatch Life Sciences rises seven stories at 43-10 23rd St. When complete, the facility will feature research and laboratory space across flexible open floorplans. The building is within 1 mile of the Queensboro Bridge, providing quick access to Manhattan\u2019s research universities and hospitals.<\/p>\n<h2>Life science real estate adapts and evolves<\/h2>\n<p>The property&#8217;s redevelopment takes place as the nation\u2019s life science sector <a href=\"https:\/\/www.commercialsearch.com\/news\/adaptive-reuse-or-new-construction-considerations-for-life-sciences\/\">adapts to<\/a> a time of demand far exceeding supply. Much of this bottlenecking is attributable to the many cities with emerging markets possessing limited land availability, while the projects themselves have specific and costly building requirements.<\/p>\n<p>Many developers and life science companies, particularly those located in cities where demand is the highest, have taken to purchasing and renovating existing property, as opposed to building new facilities from the ground-up. One such example is bio-technology company <a href=\"https:\/\/www.commercialsearch.com\/news\/targan-leases-new-raleigh-facility\/\">TARGAN\u2019s transformation<\/a> of a Raleigh, N.C., Kroger grocery store into a manufacturing and laboratory space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Completion is expected in the second quarter of 2023.<\/p>\n","protected":false},"author":3012,"featured_media":1004598902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,21754,1600,21742,10,21747],"tags":[34162,33318,36485],"class_list":["post-1004598904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-medical-office","category-new-york","category-latest","category-northeast","category-office","tag-longfellow-real-estate-partners","tag-square-mile-capital-management","tag-suffolk-construction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suffolk Renovates NYC Lab Space - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The renovation of a building purchased by Longfellow Real Estate Partners take place as New York City&#039;s life sciences sector booms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Work Begins on Life Science Conversion in NYC\" \/>\n<meta property=\"og:description\" content=\"The renovation of a building purchased by Longfellow Real Estate Partners take place as New York City&#039;s life sciences sector booms.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-22T11:48:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:51:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/\",\"name\":\"Suffolk Renovates NYC Lab Space - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg\",\"datePublished\":\"2022-08-22T11:48:47+00:00\",\"dateModified\":\"2022-12-09T10:51:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"The renovation of a building purchased by Longfellow Real Estate Partners take place as New York City's life sciences sector booms.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg\",\"width\":800,\"height\":619,\"caption\":\"43-10 23rd St. Image courtesy of Suffolk Construction.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Work Begins on Life Science Conversion in NYC\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\",\"name\":\"Gabriel Frank\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/GF2.jpg?w=90\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/GF2.jpg?w=90\",\"caption\":\"Gabriel Frank\"},\"description\":\"Gabriel Frank is a Senior Associate Editor with Multi-Housing News and Commercial Property Executive. He has a background in journalism, and is the editor of MHN's Daily and Weekly newsletters. He lives in New York City.\",\"birthDate\":\"2000-05-11\",\"gender\":\"Male\",\"jobTitle\":\"Editor\",\"worksFor\":\"Yardi Systems\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gabriel-frank\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Suffolk Renovates NYC Lab Space - Commercial Property Executive","description":"The renovation of a building purchased by Longfellow Real Estate Partners take place as New York City's life sciences sector booms.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/","og_locale":"en_US","og_type":"article","og_title":"Work Begins on Life Science Conversion in NYC","og_description":"The renovation of a building purchased by Longfellow Real Estate Partners take place as New York City's life sciences sector booms.","og_url":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2022-08-22T11:48:47+00:00","article_modified_time":"2022-12-09T10:51:20+00:00","og_image":[{"width":800,"height":619,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg","type":"image\/jpeg"}],"author":"Gabriel Frank","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/","url":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/","name":"Suffolk Renovates NYC Lab Space - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg","datePublished":"2022-08-22T11:48:47+00:00","dateModified":"2022-12-09T10:51:20+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c"},"description":"The renovation of a building purchased by Longfellow Real Estate Partners take place as New York City's life sciences sector booms.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg","width":800,"height":619,"caption":"43-10 23rd St. Image courtesy of Suffolk Construction."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/work-underway-at-nyc-life-science-conversion-project\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Work Begins on Life Science Conversion in NYC"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c","name":"Gabriel Frank","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/GF2.jpg?w=90","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/GF2.jpg?w=90","caption":"Gabriel Frank"},"description":"Gabriel Frank is a Senior Associate Editor with Multi-Housing News and Commercial Property Executive. He has a background in journalism, and is the editor of MHN's Daily and Weekly newsletters. He lives in New York City.","birthDate":"2000-05-11","gender":"Male","jobTitle":"Editor","worksFor":"Yardi Systems","url":"https:\/\/www.commercialsearch.com\/news\/author\/gabriel-frank\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Image-e1660941027343.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004598904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3012"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004598904"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004598904\/revisions"}],"predecessor-version":[{"id":1004599768,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004598904\/revisions\/1004599768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004598902"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004598904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004598904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004598904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}